Your payments play an important role in your personal credit. Non-payment will lead to legal issues, poor credit rating etc. Hence Axis Bank has introduced EMI calculator to avoid such situation. It is an online tool that helps you to know your EMI level. Continue reading this page to know how Axis Bank Personal Loan Calculator works and its pros and cons.
Access bank personal loan calculator features
This equipment generates EMI and total interest payable. Using this information, the borrower can manage their budget and make regular repayments over a period of time. The Access Bank personal loan calculator works according to the following formula.
EMI = P × R × (1 + R) N / (1 + R) N – 1)
The formula displays various uppercase letters. Well, those letters symbolize your loan information –
The actual number is (P).
This is the amount that Axis Bank wants to borrow. The size of your actual amount will depend on your income and obligations. This is because a person who is already paying more than one EMI or credit card bill cannot get another loan. Unless his income is high and he can’t afford it. Axis Bank can offer a maximum principal amount of Rs 15 lakh. You can check the entry limit for bank loan in the calculator so that you cannot deposit more than the limit.
Interest is (r).
Axis Bank charges interest on personal loans starting from 10.29% per annum. The highest rate is 21.00% per annum. And the key to getting the lowest interest rate is to qualify for a loan. This is because a qualified applicant is more likely to repay a loan that is barely qualified. Therefore, you must check your credit score and income before applying for an Access Bank loan to get the lowest interest rate. Because lower rates can help you make cheaper payments.
Term (n) is.
Axis Bank offers tenure loan installments of 12-60 months along with interest in equal monthly installments. Select the term of your personal loan at Access Bank using a calculator. At the same time, you will find that the interest payment period and EMI is cheaper for you.
Do I need to use the Access Bank personal loan calculator during that period?
Yes, it will. It will help you plan for various things like paying off your loan faster and saving interest rates. According to the terms of the loan, this is called a prepayment. What happens to prepayments? Axis Bank allows the borrower to repay the loan before maturity. This involves paying the borrower the balance of the loan in a lump sum. If you can pay off the loan balance when it falls due, you will be able to reduce your repayment and interest obligations. And take help from Axis Bank Loan Calculator to plan it. When you use this Axis Bank personal loan calculator, you will see an amortization table on the screen. The table will show the outstanding portion of the loan after each payment. So for that time, start investing money in various instruments so that you have a lump sum to close your debt.
Are there any fees for closing an Access Bank personal loan?
Yes, Axis Bank charges the following charges for prepayment of principal balance.
- 5% of the loan balance with prepayment during the first year
- 4% of loan balance from prepayments for 13 to 24 months
- 3% of loan balance from prepayments for 25 to 36 months
- 2% of loan balance with prepayment after 36 months